[ T able_StockInfo] 2024 年 04 月 30 日 证券研究报告•2023 年年报点评 持有 （下调） 当前价：97.71 元 极米科技（688696）家用电器 目标价：——元（6 个月） 行业下行压制业绩，创新产品寻求突破 [Table_Summary 事件：2023年公司实现营收 ] 35.6亿元，同比下降 15.8%；实现归母净利润 1.2 亿元，同比下降 76%；实现扣非后归母净利润 0.7 亿元，同比下降 84.6%。单 季度来看，Q4公司实现营收 11.3亿元，同比下降 15.3%；实现归母净利润 0.3 亿元，同比下降 80%；实现扣非后归母净利润 0.3亿元，同比下降 84.4%。2023 年公司现金分红 3694.7亿元，业绩分红率达 30.7%。2024 年 Q1公司实现营收 8.3 亿元，同比下降 6.6%；实现归母净利润 0.1 亿元，同比下降 72.6%；实现 扣非净利润 0.1 亿元，同比下降 80.5%。 长焦产品随行业承压而承压，超短焦产品逆势增长。分行业来看，2023年公司 投影整机产品/配件/互联网增值服务分别实现营业收入 32.1亿元/1.7亿元/1 ...

2024Q1 公司毛利率为 28.05%，同比-6.8pct，净利率为 1.72%，同比-4.17pct。 2024Q1 公司季度销售、管理、研发、财务费用率分别为 17.27%、3.56%、 10.49%、-1.5%，同比+2.04、-0.82、-0.76、-1.35pct。公司同比调整了部分 产品价格，同时受具体产品结构影响，公司毛利率及净利率同比下滑，导 致利润下滑幅度高于收入下滑幅度。 请务必阅读正文之后的信息披露和免责申明 1 | --- | --- | |------------------------|----------| | 股价走势 | | | 4% 极米科技 | 沪深 300 | | -20% -12% -4% | | | -28% | | | -36% | | | -44% | | | -52% 2023-05 2023-09 | 2024-01 | | 资料来源：聚源数据 | | | 相关报告 | | 应收票据及应收账款 324.80 216.19 170.14 186.69 94.38 营业成本 2,703.33 2,445.18 2,761.12 3,057.69 3,334.0 ...

Investment Rating - The report maintains an "Outperform" investment rating for the company, indicating a positive outlook compared to the market [18]. Core Views - The company experienced a revenue decline of 15.8% in 2023, with total revenue of 35.57 billion yuan, and a significant drop in net profit by 76% to 1.21 billion yuan [8][18]. - The company is expected to recover with projected revenue growth of 18.7% in 2024, reaching 42.23 billion yuan, and a net profit increase of 92.8% to 2.32 billion yuan [8][18]. - The company is actively expanding its overseas market presence while launching new products to cater to diverse consumer needs [17]. Financial Summary - Total revenue for 2023 was 35.57 billion yuan, down from 42.22 billion yuan in 2022, with a projected increase to 42.23 billion yuan in 2024 [4][8]. - The net profit for 2023 was 1.21 billion yuan, a decrease from 5.01 billion yuan in 2022, with expectations of rising to 2.32 billion yuan in 2024 [4][8]. - Earnings per share (EPS) for 2023 was 1.72 yuan, with forecasts of 3.32 yuan in 2024 and 5.33 yuan in 2025 [4][8]. Market Performance - The domestic projection market faced challenges, with a 6.2% decline in total shipments and a 25.6% drop in sales revenue in 2023 [17]. - The company launched the RS 10 Ultra series and the entry-level Play 3 product, which gained significant market traction [17]. - The stock price closed at 97.71 yuan, with a market capitalization of 6.84 billion yuan [16].

需求疲弱+竞争加剧致业绩承压，静待内需改善 股价走势图 《Q3 收入跌幅环比收窄，以价换量下 静待需求拐点—公司信息更新报告》 -2023.11.16 长焦投影受需求及行业竞争影响承压，创新产品/超短焦投影业务稳健增长 营收分产品看，2023 年长焦投影/创新产品/超短焦投影业务分别实现营收 28.74/1.91/1.47 亿元，同比分别-21.54%/+18.31%/+28.82%。量价上看，长焦投影 受竞争以及价格下探影响量价均有下降，创新产品量价双升，超短焦投影结构调 整下量增价减。互联网增值服务营收分别为 1.48 亿元（+53.1%）。分地区看，2023 年内销/外销分别实现营收 26.17/9.13 亿元 ，同比分别-23.07%/+15.60%。 2023 年欧洲线下渠道有所突破，德语区/法语区线下露出和展陈点位持续增加。 | --- | --- | --- | --- | --- | --- | |-----------------------|-------|-------|-------|-------|-------| | 指标 | 2022A | 2023A | 2024E | 202 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 | --- | --- | --- | --- | --- | |-------|----------------|------------------------------------|-------------------------------------------|-------------| | | 70% | 营业收入增长率 | 净利润增长率-右轴 | 100% | | | 60% | | | 80% | | | 50% | | | 60% | | | 40% | | | 40% | | | 30% | | | 20% | | | 20% | | | 0% | | | 10% | | | -20% | | | 0% 2021Q1 -10% | 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 | 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 | 2024Q1 -40% | | | -20% | | | -60% | | | -30% | | | -80% | | | -40% | | ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company reported a revenue of 825 million yuan in Q1 2024, a year-on-year decrease of 6.59%. However, the net profit attributable to shareholders increased by 72.57% to 14 million yuan, while the net profit excluding non-recurring items dropped by 80.52% to 8 million yuan [2]. - The DLP market's decline has narrowed, with the overall sales of China's smart projection market increasing by 8.7% year-on-year to 1.443 million units in Q1 2024. The DLP sales decline has reduced from double digits to single digits, and the market share of laser projection has doubled to 9.1% [2]. - The company has launched competitive new products in 2024, including the RS 10 Ultra in the laser projection segment, priced from 9,999 yuan, and the Play5 in the DLP segment, starting at 1,799 yuan, which is lightweight and offers strong competitiveness [2]. Financial Performance Summary - In Q1 2024, the company's gross margin decreased by 6.80 percentage points year-on-year to 28.05%, attributed to product price reductions and adjustments in product mix. The net profit margin increased by 4.17 percentage points year-on-year to 1.72% [3]. - The company forecasts net profits attributable to shareholders of 127 million yuan, 156 million yuan, and 182 million yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 5.4%, 22.8%, and 16.5% [3]. - The financial indicators show a projected revenue of 3.628 billion yuan in 2024, with a year-on-year growth rate of 2.0%, and a projected EPS of 1.81 yuan [5].

证券代码：688696 证券简称：极米科技 公告编号：2024-026 极米科技股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： 大股东持股的基本情况 截至本公告披露日，极米科技股份有限公司（以下简称"公司"或"极米科 技"）股东北京百度网讯科技有限公司（以下简称"百度网讯"）持有公司 4,507,353 股股份，占总股本的 6.44%；北京百度毕威企业管理中心（有限合伙） （以下简称"百度毕威"）持有公司 583,623 股股份，占总股本的 0.83%。百度 网讯和百度毕威为受同一实际控制人控制的企业，为一致行动人，合计持有公司 股份 5,090,976 股，占公司总股本的 7.27%。 上述股份来源为公司首次公开发行前股份以及上市后以资本公积转增股本 方式取得的股份。 减持计划的主要内容 公司股东百度毕威拟通过竞价交易、大宗交易方式减持股份数量不超过 240,741 股股份，占总股本的 0.34%。 公司股东百度网讯拟通过竞价交易、大宗交易方式减持股份数量不 ...

Investment Rating - The investment rating for the company is adjusted to "Accumulate" [3]. Core Views - The company achieved a revenue of 3.557 billion RMB in 2023, a year-on-year decrease of 15.77%, and a net profit attributable to shareholders of 121 million RMB, down 75.97% year-on-year [1]. - The company plans to distribute a cash dividend of 3.00 RMB per 10 shares and has repurchased shares worth 17 million RMB, which together account for 30.66% of the net profit attributable to shareholders [1]. - The company is focusing on technological and product innovation to meet diverse consumer needs, with core business revenue from long-focus projection down 21.54% and revenue from innovative products up 18.3% and 28.8% [1]. - The company is actively expanding its overseas market presence, particularly in Europe, where it has made significant progress in offline channel construction [1]. Financial Performance - In 2023, the company's gross margin was 31.25%, down 4.73 percentage points year-on-year, and the net margin was 3.37%, down 8.5 percentage points year-on-year [1]. - The company’s sales, management, R&D, and financial expense ratios for 2023 were 18.13%, 4.22%, 10.72%, and -0.89%, respectively, with sales expense ratio increasing due to higher promotional and employee costs [1]. - The projected net profits for 2024-2026 are estimated at 160 million, 210 million, and 260 million RMB, with corresponding dynamic P/E ratios of 41.6x, 32.3x, and 26.5x [1].

[Table_Page] 季报点评|家用电器 24Q1 新品快速推出，期待业绩拐点 ⚫ 24Q1 公司毛利率触底，费用率控制较好。24Q1 毛利率 28.1% （YoY-6.8pct），但环比 23Q4 提升 0.1pct。24Q1 净利率 1.7% （YoY-4.2pct），销售/管理/财务/研发费用率分别同比+2.0pct/-0.8pct/ -1.3pct/-0.8pct，费用率整体有所下滑主要因为公司费用控制较好。 ⚫ 内销方面，产品结构快速重组，期待新品放量与利润率恢复。内销方 面，24 年公司产品结构快速重组，搭载护眼三色激光光源的高端新品 RS 10 系列（售价约 10000 元）、便携的入门新品 PLAY5（售价 1799 元）陆续发布。公司数据显示，PLAY5 发布前两日预售量超 1 万台， 较上一代产品同比增长 2300%。预计新品放量与老品下架将带动内销 收入恢复增长，同时利润率也将逐步恢复。 ⚫ 外销方面，出海拓展加速，新渠道有望放量。极米海外本土化团队逐 | --- | --- | --- | --- | --- | --- | --- | |--------------------- ...

Investment Rating - The report has downgraded the investment rating to "Recommended" with a target price of 130 CNY [1][10]. Core Views - The company experienced a significant decline in revenue and profit in 2023, with total revenue of 3.56 billion CNY, down 15.8% year-on-year, and a net profit of 121 million CNY, down 76% year-on-year [1][10]. - The domestic market is under pressure due to intensified competition, while overseas markets and new product launches show promising growth [10]. - The company maintains a leading position in the domestic projection market, with a 33% market share in the mid-to-high-end segment [10]. Financial Summary - **2023 Financial Performance**: - Total revenue: 3.56 billion CNY, down 15.8% YoY - Net profit: 121 million CNY, down 76% YoY - Q4 2023 revenue: 1.135 billion CNY, down 15.31% YoY - Q4 2023 net profit: 34 million CNY, down 80.02% YoY - Q1 2024 revenue: 825 million CNY, down 6.59% YoY - Q1 2024 net profit: 14 million CNY, down 72.57% YoY [1][10]. - **Future Projections**: - 2024E total revenue: 3.80 billion CNY, growth of 7.0% - 2024E net profit: 175 million CNY, growth of 45.6% - 2025E total revenue: 4.37 billion CNY, growth of 14.7% - 2025E net profit: 246 million CNY, growth of 40.0% [2][10]. - **Valuation Metrics**: - 2023 PE ratio: 57 - 2024E PE ratio: 39 - 2025E PE ratio: 28 - 2026E PE ratio: 23 [2][10]. Market Position and Strategy - The company is focusing on expanding its overseas market presence, with products entering major retail channels in Europe, the US, and Japan [10]. - The overseas sales proportion has exceeded 25%, which is expected to drive future growth [10]. - The company aims to stabilize its product structure and improve profitability as it enhances its international brand presence [10].